Tax Levies & Assessed Values

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When
comparing the value of your property with other properties always
compare the values on the assessment roll or the Assessor's property
record cards and not the value indicated on the tax statement.

There are a number of different taxing districts in a jurisdiction,
each with a different levy. Each year the County Auditor determines for
that district a levy that will yield enough money to pay for schools,
police and fire protection, road maintenance and other services budgeted
for in that area.

The tax levy is applied to each $1000 of a property's taxable value. The value determined by the Assessor is the assessed value and is the value indicated on the assessment roll. The taxable value
is the value determined by the auditor after application of state
ordered "rollback" percentages for the various classes of property and
deducting any applicable exemptions or credits. The taxable value is the
value indicated on the tax statement.

The "rollback" is the percentage of actual value that is determined
by the Director of Revenue and Finance each year on the several classes
of property where the total value increase statewide, exceeds four
percent for each class of property. The percentage so determined by the
Director of Revenue and Finance is certified to and applied by the
County Auditor to all property in each class effected throughout the
state. The rollback percentages are the same for all the assessing
jurisdictions in the state.

Increases in assessed value of individual parcels of property as
determined by the Assessor, may exceed four percent within a
jurisdiction. Agricultural property, except agricultural dwellings, are
assessed on the basis of productivity and net earning capacity using a
five year crop average and capitalized at a rate set by the Legislature.
The rate is currently seven percent. Tentative and final equalization
orders are issued by the Director of Revenue and Finance in odd numbered
years on or about August 15th and October 1st, respectively. The orders
are sent to the County Auditor who applies them to the classes of
property affected, if any.

On values determined as of January 1st, one does not start to pay taxes until eighteen months later.